Key Takeaway
You need a cédula for full banking access, but digital wallets bridge the gap. Open Tigo Money or Zimple on arrival for immediate payment capability. Once you have your cédula (2-6 months), open a bank account for SPI transfers, international wires, and full financial integration.
Bank Account Requirements
Cédula Requirement - The Gateway to Banking
The Paraguayan cédula (national ID card) is mandatory for opening any bank account. You cannot open an account with just a tourist visa.
Required Documents
- Valid passport
- Paraguayan cédula (mandatory)
- Proof of address (utility bill or rental agreement)
- RUC (Tax ID) - required for some account types
- Proof of income/employment (some banks)
- Initial deposit (varies by bank)
Basic Account (Cuenta Básica)
- •No minimum opening amount
- •No monthly fees
- •Monthly deposit limit: ~$1,100 USD (3x minimum wage)
- •4 free ATM withdrawals/month
- •Unlimited free SPI transfers
- •Cannot receive international wires directly
Account Opening Timeline
Top Banks for Expats
Banco Itaú Paraguay
- • Largest international presence (Brazilian)
- • Most ATMs nationwide
- • Modern digital platform
- • English-speaking staff available
- • USD and Guaraní accounts
- • 363,943 credit card accounts
- • Can be bureaucratic for account opening
- • Higher fees for premium services
BASA (Banco Amambay)
- • Strong international trade services
- • SPI instant transfers 24/7
- • 250+ Wepa terminals nationwide
- • Good for business banking
- • Limited English support
- • More focused on commercial clients
Digital Banks: Ueno & Eko
- • Easiest account opening process
- • International debit/credit cards
- • Virtual cards for online purchases
- • Mobile-first approach
- • Poor app reviews (2.7/5 stars)
- • Similar to Ueno
- • Better app experience reported
- • Digital-first banking
- • Quick setup with cédula
Other Major Banks
SPI - Paraguay's Instant Payment System
Sistema de Pagos Instantáneos (SPI)
Paraguay's instant payment system is revolutionizing how money moves in the country. Free, instant, 24/7 transfers between any bank accounts using just a phone number or QR code.
How SPI Works
- 1.Phone number transfers: Send money using just recipient's phone number (no account number needed)
- 2.QR code payments: Scan merchant QR codes to pay instantly
- 3.Instant settlement: Money appears in recipient account within seconds
- 4.Inter-bank: Works between all participating banks
Impact on Cash & Cards
SPI is rapidly replacing cash and card payments for domestic transactions, especially among younger Paraguayans and expats.
Many small businesses and restaurants now prefer SPI over cash due to no fees and instant confirmation. It's becoming the dominant payment method in urban areas.
Digital Wallets (Pre-Cédula Solution)
Bridge the Gap Before Banking Access
While waiting for your cédula and bank account, digital wallets provide immediate payment capability. Tigo Money is most popular among locals and expats due to highest merchant acceptance and interoperability.
Tigo Money
- • Free transfers between users
- • Bill payment functionality
- • QR code merchant payments
- • Cash loading at agent locations
- • 24/7 availability
- • Links to bank accounts for funding
- • Highest merchant acceptance
- • Best interoperability with banks
- • Largest agent network for cash
- • User-friendly app
Zimple
- • Phone-based transfers using mobile numbers
- • ATM withdrawals through Infonet network
- • Merchant payments at affiliated stores
- • Utility bill payments
- • 24/7 service
- • Cédula required for KYC verification
- • Full identity verification needed
Billetera Personal (Personal Pay)
- • Free account maintenance
- • QR payment acceptance
- • Bill payment services
- • Public transport card recharge
- • Telecom-backed (Personal network)
- • Personal mobile customers
- • Those needing transport card recharge
Foreign card linking: Limited options to link foreign credit/debit cards directly to local wallets. Most require local bank accounts or cédula for funding.
International Money Transfers
Sending Money TO Paraguay
Sending Money FROM Paraguay
Exchange Rate Comparison
ATMs, Cash & Currency
ATM Network
Paraguayan Guaraní (PYG)
Tax Reporting & Privacy
FATCA (US Citizens)
CRS (Other Countries)
Bill Payments
Rent Payments
- • Bank transfers (most common for expats)
- • Cash payments (still widely used)
- • Checks (less common but accepted)
Utility Bills
- • ANDE - Electricity
- • Essap - Water and sewerage
- • ISPs - Internet (Personal, Claro, Tigo)
- • Direct at provider offices
- • Payment networks: Aquí Pago, Pago Express, Practipago, Infonet
- • Mobile apps: Pago Móvil, Tigo Money
- • Online banking bill pay
- • Automatic debit from credit/debit cards
Investing & Savings
Local Investment Options
- • Real estate: Full ownership rights for foreigners
- • Stocks & bonds: Local market access available
- • Business: 100% foreign ownership allowed
- • Bank deposits: USD and PYG term deposits
Savings Account Interest
Banking Strategy for Expats
Week 1-2: Open Tigo Money or Zimple for immediate payment capability. Use for daily expenses, bill payments, and merchant transactions while waiting for residency.
Month 2-6: Focus on obtaining your cédula through temporary or permanent residency process. This is your gateway to full banking access.
After Cédula: Open a basic account (cuenta básica) at Banco Itaú or digital bank (Ueno/Eko) for free SPI transfers. Upgrade to full account later if needed for international wires or higher limits.
International Transfers: Use Wise for best rates sending money to/from Paraguay. Avoid traditional bank wires due to high fees and poor exchange rates.
Daily Banking: Embrace SPI for domestic payments - it's free, instant, and 24/7. Keep moderate cash (100k-300k Gs) for vendors who don't accept digital payments.